Bitcoin (BTC) has once again surpassed the $100,000 mark reaching an intraday high of $102,514, its first breakthrough above this psychological level since mid-December 2024.
$103K Resistance Looms as Bitcoin Climbs to $102,514 Amid Volume Spike
This latest bitcoin surge reflects strong bullish momentum, with buyers stepping in decisively to drive prices higher. The 1-hour BTC/USD chart indicates a steady uptrend with clear signs of accumulation around the $97,000–$98,000 range, as evidenced by the consolidation zone seen earlier in the week.
Following this consolidation, BTC broke out with a strong upswing accompanied by a significant spike in volume at precisely 9:54 a.m. Eastern Time (ET), pushing the price past $100,000 and peaking at $102,514 by approximately 11:25 a.m. Right now, the $99,000–$100,000 range represents a strong demand zone, supported by recent price action and the volume profile.
BTC/USD via Bitstamp on Jan. 6, 2025, 4-hour perspective.
If BTC retraces to this zone, it could offer a favorable buying opportunity for day traders, particularly if accompanied by a confident and bullish candlestick pattern or a continuation in higher trading volumes. The $103,000 through $103,500 level represents the immediate resistance where selling pressure is more visible.
Short-term traders could take partial profits around this level. For longer-term holders, monitoring price behavior at $103,500—another potential resistance level—could help determine exits. The move above $100,000 on Monday follows Microstrategy’s latest BTC purchase. The publicly listed business intelligence (BI) firm now holds 447,470 BTC.
The volume spike during the breakout above $100,000 and $101,000 is quite a bullish indicator. However, the four-hour and one-hour charts also reflect minor overextension, suggesting a possible short-term pullback or consolidation before further upward movement. This took place after the intraday peak. Momentum-driven traders should watch closely for confirmations above $103,000 to ensure continued bullish strength.
Crypto derivatives markets saw 75,093 traders liquidated , the total liquidations comes in at $220.70 million.
Bitcoin’s break above $100K this week reflects renewed market optimism and strong buying interest. Strategic entries near support levels and vigilant monitoring of resistance zones will be crucial for navigating bitcoin’s dynamic price action. Over the 24 hours, $48.13 million in bitcoin short positions were liquidated, due to BTC’s swift price rise starting at 10 a.m. As of 1:30 p.m. ET, around 74,997 traders were liquidated during the last 24 hours across the entire crypto derivatives markets.
